Raleigh home sales pick up as more homes hit the market and prices slip
Raleigh’s housing market showed fresh signs of life in May, even as the national market slowed. Home sales rose for the third straight month, pointing to a steady comeback. Buyers had more choices and slightly lower prices, which helped drive activity. The number of homes for sale climbed 11% from a year ago, while prices dipped 1.1%.
Sales rise while much of the US slows down
Home sales in Raleigh increased 1.9% from a year ago in May. That marked three months in a row of annual gains. Nationally, the story was different. Sales fell 1.2% over the same period.
Only 14 of the 40 largest U.S. markets saw sales increase, putting Raleigh among a smaller group of markets gaining momentum. The uptick suggests some buyers are returning as conditions improve.
More homes for sale, but growth is slowing
Inventory continued to grow, with about 6,207 homes on the market in May. That was up 11% from a year ago. Still, the pace of growth cooled. Earlier this year, inventory was rising more than 20% annually. May broke a streak of 14 straight months of those larger gains. Even with more listings, Raleigh remained one of the tighter markets among the nation’s largest metros.
Prices edge lower as the market adjusts
The median home price in Raleigh fell 1.1% year over year to $445,000, ending three months of price increases. Trends varied by property type. Single-family home prices slipped just 0.2% while townhome prices dropped 4.4%. Conversely, condo prices rose 5.8%. Across the U.S., home prices increased 1.8% over the same period. Raleigh’s decline ranked fifth among the top 40 markets.
Raleigh Sale Prices
The median home sale price in Raleigh decreased by 1.1% compared to the same time last year, while the national median price rose by 1.8%.
Raleigh ranks 36th for annual median price change among the top 40 US markets
Raleigh median home prices decreased by $5,000 year over year on a nominal basis in May to $445,000. Meanwhile, the national median home price increased by $7,000 to $395,000.
Raleigh's median home price is above the nation's
Raleigh was the 18th highest-priced housing market among the top 40 largest markets last month. The Raleigh median home price of $445,000 was 12.7% above the national median home price. Raleigh's median home price in May compares to the market's peak of $459,900 recorded in June of 2025.
Raleigh single-family prices decrease
The median price of Raleigh single-family homes fell by $950 over the past year to $484,500, while the median townhome price declined by 4.4%, and the median condo price rose by 5.8%.
Raleigh Inventory
The number of homes for sale in Raleigh increased by 11.0% in May compared to the same time last year, while national homes for sale rose by 4.3%.
Raleigh's inventory of homes for sale increases
Raleigh homes for sale rose by 617 year over year in May to 6,207 homes for sale. Raleigh ranked 13th, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in May.
Raleigh homes for sale are below their pre-pandemic levels
Raleigh homes for sale were below their pre-pandemic levels in the month of May. Raleigh homes for sale were 24.3% below the May 2019 total of 8,197.
Raleigh single-family inventory grows
Raleigh single-family homes for sale grew by 9.5% to 4,670 in May. In comparison, townhomes for sale rose by 11.6% to 1,231, and condos for sale increased by 37.8% to 306.
Raleigh Home Sales
The number of home sales in Raleigh increased by 1.9% in May compared to the same time last year, while national home sales dropped by 1.2%.
Raleigh home sales increase
Raleigh home sales increased by 41 year over year on a nominal basis in May to 2,183. For context, 2,142 sales closed in Raleigh in May 2025.
Raleigh's annual home sales activity change ranks eighth nationally
Raleigh ranked eighth for the annual change in home sales out of the top 40 U.S. markets in May on a percentage basis. This year's May increase of 1.9% compares to the 1.2% year-over-year increase in May 2025.
Single-family sales in Raleigh are higher than a year ago
Raleigh single-family sales increased by 3.3% in May to 1,700. In comparison, townhome sales fell by 2.3% to 430, and condo sales fell by 5.4% to 53.
For questions and commentary about this report:
Nick Leverett, Director of Market Analytics at CoStar and Homes.com, based in Raleigh, is available for interviews to provide expert insights on this data and the broader residential real estate market.
Nick Leverett
Director of Market Analytics
Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all transactions are accounted for, they provide an early indication of home price appreciation, inventory changes, and sales volume in Raleigh during May 2026.
For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.
Definition of Sale Prices
Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.
Definition of Inventory
Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.
Definition of Home Sales
The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.
About the Homes.com Market Analytics Team
The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.
About Homes.com Analytics Data
The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.
The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.